格隆汇1月30日丨昆仑能源(00135.HK)宣布，钱治家因工作安排变动，已辞任执行董事、行政总裁及香 港联合交易所有限公司证券上市规则第3.05条项下的公司授权代表职务，自2026年1月30日起生效。自 2026年1月30日起，贺永利已获委任为执行董事、行政总裁及上市规则第3.05条项下的公司授权代表。 ...

Core Viewpoint - Kunlun Energy (00135) announced the resignation of Mr. Qian Zhijia as Executive Director and CEO, effective January 30, 2026, due to changes in work arrangements [1] - The board has appointed Mr. He Yongli as the new Executive Director, CEO, and authorized representative under the Hong Kong Stock Exchange Listing Rules, effective January 30, 2026 [1] Group 1 - Mr. Qian Zhijia has resigned from his positions within the company [1] - Mr. He Yongli will take over as Executive Director and CEO starting January 30, 2026 [1]

董事会欣然宣布，自2026年1月30日起，贺永利先生(贺先生)已获委任为执行董事、行政总裁及上市规 则第3.05条项下的本公司授权代表。 智通财经APP讯，昆仑能源(00135)发布公告，钱治家先生(钱先生)因工作安排变动，已辞任执行董事、 行政总裁及香港联合交易所有限公司证券上市规则(上市规则)第 3.05条项下的本公司授权代表职务，自 2026年1月30日起生效。 ...

昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （股份代號：00135.HK） 董事名單及其角色和職能 | 成員 | 審核委員會 | 薪酬委員會 | 提名委員會 | 可持續發展 委員會 | | --- | --- | --- | --- | --- | | 劉國海先生 | | | C | | | 賀永利先生 | | | | C | | 呂菁女士 | | | M | | | 戚振忠先生 | | | | M | | 辛定華先生 | C | M | M | | | 曾鈺成先生 | M | C | M | M | | 郭志成先生 | M | M | M | M | 附註： 昆侖能源有限公司董事會（「董事會」）現共有七名董事。每名董事的姓名、角色和職能詳情如下： 執行董事 非執行董事 獨立非執行董事 董事會轄下設立四個委員會，委員會成員如下： 1) 劉國海先生 （主席） 2) 賀永利先生 （行政總裁） 3) 呂菁女士 4) 戚振忠先生 5) 辛定華先生 6) 曾鈺成先生 7) 郭 ...

及 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （股份代號：00135.HK） 執行董事、行政總裁及授權代表的變更 可持續發展委員會組成的變更 昆侖能源有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董事會」）宣佈，錢 治家先生（「錢先生」）因工作安排變動，已辭任執行董事、行政總裁及香港聯合交易所有限公司證券 上市規則（「上市規則」）第3.05條項下的本公司授權代表職務，自2026年1月30日起生效。 錢先生已確認與董事會並無意見分歧，亦無其他與其辭職有關的事宜須知會香港聯合交易所有限公 司或本公司股東。 錢先生在任職期間恪盡職守、勤勉盡責，在推動本集團標準化運營及可持續發展方面發揮積極作 用。董事會謹此對錢先生在任期內的重大貢獻致以誠 ...

Investment Rating - The report maintains an "Overweight" rating for the public utilities and gas distribution sectors [5] Core Insights - The report predicts a moderate growth in China's manufacturing natural gas demand from 2026 to 2028, with an average annual growth rate of 2%. The demand will be characterized by significant structural differentiation, with emerging manufacturing sectors and automotive manufacturing showing the highest growth rates, while traditional high-energy-consuming industries will see a decline [10][20] - The transformation of the city gas industry from "resource distribution" to "comprehensive energy services" is highlighted as a key opportunity, driven by the optimization of customer structure, expansion of value-added services, and improved pricing efficiency [24][25] Summary by Sections Demand Side: Structural Differentiation as the Core Theme - In 2022, the manufacturing sector's natural gas consumption was 155 billion cubic meters, accounting for 8.56% of total energy consumption. The demand is expected to experience a "slow climb - deceleration - stabilization" process from 2023 to 2025, with traditional industries facing pressure while emerging industries continue to grow [2][10] - The report forecasts that from 2026 to 2028, the main sources of growth will be emerging manufacturing sectors such as integrated circuits and biomedicine, with an average annual growth rate of 4.8%, and automotive manufacturing, particularly in new energy vehicles, with a growth rate of 7.8% [21][22] City Gas Industry: Three Opportunities Against Three Challenges - The recovery of manufacturing natural gas demand will be a critical juncture for the city gas industry to shift from "scale expansion" to "quality improvement." This shift is expected to alleviate short-term profit pressures and support business structure reconstruction and core competitiveness enhancement [3][11] - Opportunities include an increase in high-value customers from emerging manufacturing sectors, which are expected to improve gas sales gross margins by 2-3 percentage points by 2028. Challenges include the loss of traditional customer demand, competition from alternative energy sources, and intensified regional competition [3][11] Differentiation from Market Views - The report emphasizes the quantification of demand differentiation trends across various sectors, highlighting the dual drivers of "policy support + industrial expansion" rather than a singular focus on environmental pressures. It also clarifies the boundaries and pace of alternative energy impacts on natural gas demand, indicating that the substitution effect from emerging industries is relatively weak [4][14] Investment Focus - The investment focus is on capturing structural dividends and realizing transformation capabilities, with a particular emphasis on three types of companies: national city gas leaders (Kunlun Energy, China Gas), regional leaders (Shenzhen Gas, Fuan Energy), and energy service platform companies (Xinao Gas) [12][24]

Group 1: Market Overview - The total scale of convertible bonds held by funds decreased to 308.256 billion yuan at the end of Q4 2025, down by 8.362 billion yuan from Q3 2025 [2] - The banking sector continues to have a large scale of convertible bonds held by funds, with significant holdings in the power equipment, basic chemicals, electronics, and agriculture sectors [2] - The largest increase in individual convertible bonds held by funds was seen in the Xingye convertible bond, while the non-ferrous metals sector experienced the most significant reduction in holdings [2] Group 2: Banking Sector Insights - Corporate loans acted as a stabilizing force, with double-digit growth maintained in technology sectors, while real estate loans continued to show negative growth [3] - Qingdao Bank reported a revenue of 14.6 billion yuan for 2025, representing an 8% year-on-year increase, and a net profit of 5.2 billion yuan, up 21.7% year-on-year, marking the successful completion of a three-year strategic plan [3] - The bank's asset expansion intensity has increased, with loans maintaining double-digit growth and a reduction in non-performing loans, indicating strong risk compensation capabilities [3] Group 3: Energy Sector Developments - China National Petroleum Corporation emphasized its role in energy supply security and outlined key tasks for the current and future periods during its 2026 work meeting [4] - The integrated advantages of the China National Petroleum Corporation's entire industry chain suggest investment opportunities in companies such as China National Petroleum, Kunlun Energy, and others [4]

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical industry [1] Core Insights - The China National Petroleum Corporation (CNPC) has demonstrated significant resilience and competitive strength, achieving top-tier performance among state-owned enterprises for four consecutive years [4] - The strategic goal for the next five years is to fully realize high-quality development by 2030 and to establish a world-class enterprise [5] - The company aims to enhance its core competitiveness and fulfill its responsibilities in ensuring national energy security and advancing modernization [6] Summary by Sections Strategic Goals - CNPC's chairman emphasized the importance of strategic goals to empower a better life through energy security, highlighting the company's achievements during the 14th Five-Year Plan [4] - The company plans to implement a dual-phase strategy to achieve high-quality development and establish itself as a world-class enterprise by 2030 [6] Operational Highlights - In 2024, CNPC is projected to achieve a domestic crude oil production of 106.15 million tons, a year-on-year increase of 0.3%, and a natural gas production of 158.6 billion cubic meters, up 3.8% [8] - The company is focusing on optimizing its product structure in the refining and chemical sectors, with plans to produce over 2 million tons of new materials in 2024 [8] Reform and Transformation - CNPC is actively pursuing reforms to enhance its governance and operational efficiency, including the implementation of a divisional system to improve management effectiveness [9] - The company is committed to deepening its technological innovation and digital transformation to lead in smart development [9] Investment Opportunities - The report suggests focusing on several entities under CNPC, including China National Petroleum, Kunlun Energy, and China Oil Engineering, which are expected to benefit from the integrated advantages of the CNPC [10]

此外，因一场严重冬季风暴横扫全美、令能源基础设施和电网承压，美国石油生产商在上周末损失的产 量最高达200万桶/日，约占全国产量的15%。华泰证券研报指出，地缘溢价已导致淡季油价筑底反弹， 随着需求回升及全球性储备性累库，26Q2-Q3油价有望见底上探。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00883 | 中国海洋石油 | 24.540 | 4.34% | | 00338 | 上海石油化工股 | 1.550 | 4.03% | | 00857 | 中国石油股份 | 9.180 | 4.20% | | 02883 | 中海油田服务 | 8.910 | 3.73% | | 00386 | 中国石油化工股 | 5.420 | 3.04% | | 00135 | 昆仑能源 | 7.990 | 0.50% | 港股石油股继续涨势，中国海洋石油、中国石油股份、上海石油化工均涨超4%，其中，中海油刷新历 史新高价，中海油田服务涨3.7%，中国石油化工涨3%。 消息上，负责中东地区美军行动的美军中央司令部27日发布声明说，其第九航空队将举行一场 ...

Group 1: Offshore Wind Power - In 2022, the procurement capacity of offshore wind power units in mainland China reached 8.42 gigawatts, with Mingyang Smart Energy (601615.SH) leading at 2.1 gigawatts and Goldwind Technology (02208) ranking fourth at 1.2 gigawatts [1] - The stock prices of Mingyang Smart Energy and Goldwind Technology have significantly risen at the beginning of this year, driven by positive sentiment surrounding commercial aerospace and solar energy in space [1] - The report suggests investors shift their focus to Dongfang Cable (603606.SH) in the upstream wind power sector [1] Group 2: Photovoltaic Industry - The A-share photovoltaic industry index has significantly outperformed the market, driven by optimistic sentiment regarding solar energy in space and commercial aerospace [1] - The report recommends stock selection to focus on companies with strong profit growth prospects, such as Dongfang Cable, Daqo New Energy (DQ.US), and Xiexin Technology (03800) [1] - In 2022, the installed capacity of energy storage systems in China surged by 73%, with Sungrow Power Supply (300274.SZ) expected to benefit from policy reforms and rising demand in the high-end market [1] Group 3: Gas Utility Sector - The outlook for the Chinese gas utility sector is cautious due to weak growth in industrial gas consumption, limited margin improvement, and a continuous decline in new connections [2] - The warm winter in the fourth quarter of last year resulted in only slight growth in natural gas sales, with expectations that some companies may not meet their 2025 annual gas consumption guidance [2] - Kunlun Energy (00135) is identified as the only company actively engaging in capital recovery within the sector and is considered the industry favorite [2] - Caution is advised regarding China Resources Gas (01193) due to slow progress in share buybacks and weak operational trends [2]